Tax Season Process Overview

At Taxbit, we aim to make the information reporting process as seamless as possible, so our customers can have a simple, and stress-free tax season.

Below are the steps required to complete your tax season –

1. Filer Set-Up

Create a filer via the Settings page of the Taxbit Dashboard for each legal entity with a filing requirement. Ensure address and contact information are up-to-date and accurate.
Please refer to this guide for more information on the Filer Data Model: Filer - Data Model

2. Review Eligibility & QA

Visit the Eligibility page of the Taxbit Dashboard to review Accounts that are eligible to receive a tax form. Accounts can be added or removed from scope, where applicable and/or necessary. Here, you can also download a QA package to review draft forms, and the associated data in CSV files.

Please refer to the following guides for additional information:

3. Generate & Deliver Forms

Once everything has been reviewed, initiate form generation directly from the Eligibility page of the Taxbit Dashboard. Generated forms are made available in the Forms page of the Taxbit Dashboard, as well as via API, which can be embedded directly in an external application.

Physical forms can also be mailed directly from the Dashboard.

Please refer to the following guides for more information:

4. Approve Filing

Navigate to the FIling page to approve forms for filing with the regulatory authority. For US Information Reporting, Taxbit will complete the necessary submissions with the IRS, including any state-level reporting where required.

Please refer to the following guide for more information on approving filings: How to Approve Forms for Filing

Our platform has been designed to handle any necessary Revisions & Corrections. Simply ingest the new/updated data and repeat the same steps above to process any Correction or Void forms. Click here for more information.

See below for additional tax season resources –